USDA's December 1 grain stocks report showed U.S. corn stocks at 13.3 billion bushels, above the 12.96 billion average estimate, and soybean stocks at 3.29 billion bushels, 40 million above expectations. Wheat stocks of 1.68 billion bushels also exceeded the trade guess.
Heavier-than-expected stocks across corn, soybeans and wheat signal ample supplies and slower disappearance, which weighs on prices.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.